Customers of the Massachusetts Fair Plan often ask: "Do I have any other insurance options?" Often, the answer is yes.
However, it is important to understand how people end up buying their insurance there in the first place.
"Fair Plan" is short for Fair Access to Insurance Rates. It came to be after the riots of the urban riots of the 1960’s because, as a result, these neighborhoods became difficult to insure. Most states have their own version of this kind of insurance, all with different models. The Massachusetts Property Underwriting Insurance Association (MPIUA) is the official name of "the Massachusetts Fair Plan".
Insurance agencies in Massachusetts use the Fair Plan for insurance buyers who have a profile that is difficult to insure. The most common example is coastal homes; in fact many companies choose to avoid these properties. Often times the Mass Fair Plan is the only option for coastal homes if an insurance agency only has access to a limited amount of companies to quote your homeowner insurance with.
Fortunately for Lallis & Higgins Insurance clients, we represent many insurance companies – some of which will help homeowners that live right on the shore line. We are located in Weymouth, a South Shore town that is right on the water, so it only made sense for us to align with carriers that can help our neighbors. We have many options other than the Mass Fair Plan to help insure homes that sit on the beaches in cities and towns like Quincy, Weymouth, Cohasset, Scituate, Hingham and more.
Some homeowners choose the Fair Plan over other insurance alternatives, most often for price. But buying only on price can be shortsighted. Homeowners must consider the coverage offered through the policy, and how well the Fair Plan could handle a major coastal catastrophe, such as a hurricane. On the South Shore and all the way down the coast of Massachusetts there is a high concentration of homes on the coast. The ability of the Fair plan to handle the demand is a concern. We prefer to work with carriers with a broad reach across numerous states. This way they can bring in assets to assist in a disaster quickly and efficiently. Insurance should be about getting claims paid quickly and fairly.
If you're insured by the Fair Plan because you had a claims with your previous carrier, we can look into other options. Contact Lallis & Higgins for a review of your policy and let us find you a better insurance solution.
